He also described the tax credit of 500 euro per year for the next two years which renters will receive as a "gesture".

'If inflation can't be controlled, upwards of 1.5% could come on board in the next 12 to 18 months'

It will definitely be passed on to nearly 300,000 people here on tracker mortgages.

42,000 tracker mortgage customers have been affected by the scandal.

Homeowners on variable or tracker rates look set to face higher repayments soon.

The Independent Group says they should be allowed to provide more services.